India engages with US to ensure energy security amid Iran sanctions

India engages with US to ensure energy security amid Iran sanctions

The US, which is renewing sanctions on Iran, reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into effect from November 4.

A man holds the flags of India and the USA while people take part in the 35th India Day Parade in New York August 16, 2015.

India is yet to take a call on complying with the USA sanctions on Iran. After the Trump Administration pulled out of the nuclear deal and imposed sanctions, it has also set a November 4 deadline to halt financial transactions with Iran using their currency or to face sanctions. "And if they do, we will get it right", Pompeo told Fox News in an interview.

The official said Iran is open to accepting rupee payment for oil and may use the money to pay for equipments and food items it buys from India.

Washington, Sept 20 The US would love Iran to join the community of nations but it must give up its revolutionary zeal, the Secretary of State Mike Pompeo said Thursday. Iranian oil exports have dropped ahead of sanctions as several countries have begun to curtail their purchase from the Middle-East producer.

Rafale-deal: Hollande's bombshell catches BJP in crossfire, opposition strengthens attack
In his tweets, Rahul Gandhi had alleged that Modi and Anil Ambani jointly carried out a "surgical strike" on the defence forces. Escalation of a mere 1,100 crore. "I am sure the Euro equivalent would not be a problem to calculate".

UCO Bank and IDBI Bank have been identified to route the payment as the two have no exposure to the U.S. financial system. While Turkey may keep Iranian oil flowing, analysts widely expect European Union companies in Italy, Spain, and France to cut off oil trade with Iran for fear of being cut off from the US financial system. As the U.S. sanctions on the import of crude oil from Iran looms large, India is in touch with both Iran and the USA on the complicated matter.

The CRS report said that during a visit to India in June 2018, US Ambassador to the UN Nikki Haley said the Trump administration might consider providing exemptions to US sanctions to enable the Chabahar work to continue because the project is vital to Afghanistan's development and reducing its dependence on Pakistan.

However, India has been appraising the United States about its energy requirement to fuel its economy as well as the importance of Iranian oil.

Chennai Petroleum's reduced demand will further cut India's imports from Iran to about 10 million tons in October, lower than previous estimates reported by Reuters.

In today's meeting - attended by Jaitley, Foreign Minister Sushma Swaraj and Road Minister Nitin Gadkari - it was made a decision to start importing crude oil from the Chabahar port in Iran.

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